MOFAIC an­nounces 3rd cy­cle of $50m UAE-CREF

The Gulf Today - Business - - FRONT PAGE -

ABU DHABI: The UAE Min­istry of For­eign Af­fairs and In­ter­na­tional Co­op­er­a­tion (MOFAIC) on Satur­day an­nounced at Abu Dhabi Sus­tain­abil­ity Week 2019 the launch of the third cy­cle of the $50 mil­lion Uae-caribbean Re­new­able En­ergy Fund (UAE-CREF), with fund­ing al­lo­cated to projects de­liv­ered in Ja­maica, Cuba, Suri­name, Trinidad & Tobago.

Fully fi­nanced by Abu Dhabi Fund for De­vel­op­ment (ADFD), the lead­ing na­tional en­tity for in­ter­na­tional de­vel­op­ment aid, the UAE-CREF, the largest re­new­able en­ergy ini­tia­tive of its kind in the Caribbean re­gion, is a part­ner­ship be­tween MOFAIC, ADFD, and Mas­dar (Abu Dhabi Fu­ture En­ergy Com­pany), the project man­ager and im­ple­ment­ing lead.

To­day’s an­nounce­ment was made dur­ing the 9th Ses­sion of the Gen­eral As­sem­bly of the In­ter­na­tional Re­new­able En­ergy Agency (IRENA).

Speak­ing be­fore the Gen­eral As­sem­bly, Sul­tan Al Shamsi, As­sis­tant Min­is­ter of For­eign Af­fairs and In­ter­na­tional Co­op­er­a­tion for In­ter­na­tional De­vel­op­ment Af­fairs, noted that the Caribbean re­gion is wit­ness­ing re­mark­able progress in terms of in­creas­ing re­liance on re­new­able en­ergy projects, thanks to ef­forts ex­erted by the var­i­ous par­ties par­tic­i­pat­ing in the Uae-caribbean Re­new­able En­ergy Fund, in light of the longterm vi­sion of the coun­tries these projects are im­ple­mented in.

“The Uae-caribbean Re­new­able En­ergy Fund will help to en­hance en­ergy se­cu­rity and re­silience to cli­mate change. It will also con­trib­ute to the cre­ation of an en­vi­ron­ment con­ducive to at­tract­ing more in­vest­ments and cre­ate new jobs in these small is­lands, sup­port­ing the achieve­ment of Sus­tain­able De­vel­op­ment Goals, par­tic­u­larly Goal 7 on en­sur­ing ac­cess to af­ford­able, re­li­able, sus­tain­able and modern en­ergy for all, and Goal 13 on tak­ing ur­gent ac­tion to com­bat cli­mate change and its im­pacts. We are pleased to launch the Fund’s third fund­ing cy­cle, which will con­trib­ute to achiev­ing greater con­ver­gence be­tween the UAE and the coun­tries of the Caribbean”, he re­marked.

Newspapers in English

Newspapers from UAE

© PressReader. All rights reserved.